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Board authorizes $2 million defeasance for 2023 general obligation bond, lowering future tax ask
Summary
The Colman‑Egan board approved a resolution to move $2,000,000 into defeasance escrow for the district's 2023 general obligation bond; staff said the move would lower the district's annual tax ask by about $92,000 and materially reduce long‑term payments.
Scott outlined the defeasance proposal and the account balance, telling the board, "We currently have just north of $2,000,000 in that account," and recommending the district put $2,000,000 into escrow to defease part of the 2023 general obligation bond. He said the escrow would generate revenue that reduces the district's subsequent tax collections by about $92,000 per year and estimated that, without defeasance, the district would pay roughly $10,000,000 over 20 years, while the defeasance would lower that total to about $6.4'6.5 million.
After discussion about timing and escrow mechanics, the board voted by voice to approve the resolution to authorize the defeasance. No roll-call tallies were recorded in the transcript; the motion was approved by voice vote at the meeting.
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